Real Estate Measures Show Effects... Rental Business Policy Criticism Accepted

Press Conference with Foreign Journalists Held on the 14th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, responded to a question about whether he thinks there were any failures in real estate measures by saying, "Looking back, the policy regarding rental business operators changed within 2 to 3 years, so that part can be criticized."

Deputy Prime Minister Hong made these remarks at a foreign press briefing on the 14th.

He also predicted that the recently announced real estate policy would lead to market effects. He said, "The policy effects first involve psychological and perceptual aspects, and secondly when actual taxes are imposed. In the case of this measure, I believe the effect will appear from the first stage."

He added, "If people can sufficiently bear the increased taxes, they will endure, but since the effect of the tax hike is obvious, listings will eventually continue to appear," and said, "The psychological effect is already showing." Finally, he forecasted, "The housing price rise in the four Gangnam districts has stopped, and policy effects will gradually appear going forward."

He stated, "This measure is stronger than any in the past, so I believe it will have an effect on the market."

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